Kushner to convert Brooklyn Law buildings to mansions

Demand for luxury townhouses in Brooklyn Heights said to be sky-high

TRD New York /
Apr.April 08, 2014 03:10 PM

Three buildings formerly owned by the Brooklyn Law School will be transformed into single-family mega mansions by Jared Kushner, The Real Deal has learned.

Kushner Companies plans to convert the three five-story properties at 100 Pierrepont Street, 27 Monroe PlaceAnd 38 Monroe Place in Brooklyn Heights, into luxury personal residences, according to a source with knowledge of the company’s plans.

Kushner snagged six buildings from the Brooklyn Law School, including three others at 144 Willow Street, 18 Sidney and 89 Hicks Street, earlier this year for $36.5 million, The Real Deal previously reported. The transaction, which was brokered on behalf of the law school by Stephen Palmese of Massey Knakal, closed today.

Kushner declined to comment on his plans for the properties.

The building at 100 Pierrepont Street, between Henry Street and Monroe Place, totals 6,000 square feet and currently houses 10 separate units. The structure at 27 Monroe Place, between Clarke and Pierrepont streets, has 13 units and 7,300 square feet. The third building, 38 Monroe Place, has 6,167 square feet and 10 units.

Deborah Rieders, an associate broker at the Corcoran Group specializing in Brooklyn Heights, said the demand for luxury townhouses in the neighborhood was sky-high and was not being satisfied by the current inventory.

“These would certainly be absorbed quickly,” she said.

Townhouses are trading at between $1,200 and $1,500 a foot in the area, she said, but if a property really has a lot of “bells and whistles,” it could trade for as high as $1,600 a foot.

Meanwhile, the other three buildings purchased by Kushner will be maintained as rentals, a source said.

The deal builds upon Kushner’s expanding array of Brooklyn properties. That portfolio now includes 50 North 1st Street in Williamsburg, a 46 unit rental building Kushner purchased for $33.8 million last year. On the office front, Kushner bought six Watchtower properties in Dumbo for $375 million with RFR Realty in conjunction with LIVWRK last year.

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